Financial Sector Volatility, Banking Market Structure and Exports

doi:10.1111/twec.12126

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Title:	Financial Sector Volatility, Banking Market Structure and Exports
Authors:	Lin, Pei-Chien;Huang, Ho-Chuan
Contributors:	淡江大學產業經濟學系;淡江大學財務金融學系
Keywords:	Financial development;Financial sector volatility;Banking market structure;Exports
Date:	2014-03-02
Issue Date:	2014-10-09 14:02:14 (UTC+8)
Publisher:	Chichester: Wiley-Blackwell Publishing Ltd.
Abstract:	This paper assesses the impacts of financial sector volatility and banking market structure on industrial exports. By utilising the specification of Rajan and Zingales (American Economic Review 1998; 88, 559) on the cross-country, cross-industry data from Manova (Journal of International Economics 2008; 76, 33), we find that financial sector volatility, measured as the standard deviation of the growth of private credit, and banking market structure, measured as the share of the three largest banks’ assets in a country, respectively exert significantly negative and positive impacts on industrial exports, particularly for those industries that are more externally financially dependent. The findings are robust to a variety of kinds of sensitivity analysis and thus lend support to the notion that a more stable and concentrated banking system is important to the exports of those industries that rely more on external finance.
Relation:	The World Economy 37(10), p.1388-1409
DOI:	10.1111/twec.12126
Appears in Collections:	[Graduate Institute & Department of Industrial Economics] Journal Article [Graduate Institute & Department of Banking and Finance] Journal Article

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